The US pension risk transfer (PRT) market recorded approximately $3bn in buy-out and buy-in sales in the second quarter of 2026, a decline of more than 25% compared to the same period last year, according to preliminary data from LIMRA.
While aggregate premium volume remained soft, transaction activity told a different story, as the market recorded 176 contracts during the quarter, up 21% year over year, indicating continued demand among small and midsized plan sponsors.
Transactions below $50m remained particularly active, helping sustain contract growth despite the absence of larger, market-moving deals. No transactions above $250m closed during the quarter.
“While first-half results have been shaped by the absence of larger transactions, the fundamentals of this market remain firmly in place,” said Keith Golembiewski, Head of LIMRA Annuity Research.
“Rising contract counts and broad carrier participation tell us sponsor demand is intact. What we are seeing reflects timing and deal sequencing, and a rebuilding pipeline points to a stronger second half of the year.”
In total, there were 176 contracts sold in the second quarter, 21% higher than the same period in 2025. For the quarter, new single-premium buy-out sales totalled $2.77bn, 27% below comparable Q2 2025 sales. There were 139 buy-out contracts sold in Q2 2026, 8% higher than in 2025.
